Table 5.

Stationarity tests (ADF, PP, and KPSS).

Source: Authors’ estimation

Variable	DFGLS		PP		KPSS		Conclusion
	Level	1st dif	Level	1st dif	Level	1st dif
rem	− 1.59	− 5.00***	− 3.08	− 16.58***	0.39***	0.06	I (1)
gdp	− 1.63	− 3.62***	− 2.66	− 9.64***	0.23***	0.12*	I (1)
oil	− 1.90	− 5.04***	− 1.71	− 7.37***	0.43***	0.06	I (1)
ner	− 1.52	− 3.91***	− 1.91	− 7.21***	0.35***	0.08	I (1)
usg	− 1.41	− 3.50**	− 2.61	− 6.68***	0.35***	0.17**	I (1)
ird	− 2.05	− 1.40	− 3.06	− 12.02***	0.20**	0.11	I (1)
inf	-1.94**	− 5.11***	− 3.07**	− 8.72***	0.18**	0.04	I (0)
smd	− 2.76***	− 2.16**	− 7.21***	− 15.31***	0.24***	0.04	I (0)

The asterisk signs ***, **, * represent level of significance at 1%, 5% and 10%, respectively